Think your rent is high? £40k a month price tag to live in exclusive London square

A RARE opportunity to live on one of Britain’s most exclusive streets is available – if you can spare £40,000 per month.

Chester Square has been home to some of the most wealthiest and famous people in Britain

Chester Square has been home to the likes of Margaret Thatcher, Roman Abramovich, Mick Jagger and Steve McQueen.

it is the 8th most expensive street in the UK, according to Land Registry figures, with the average house costing £11.1 million.

Homes on the Belgravia street don’t often appear on the rental market - but this stunning property can now be rented out by a super-wealthy individual.

Spread over six floors, the stucco-fronted property has 5,319 sq/ft of space and has recently been refurbished.

It has six bedroom suites, four reception rooms, air-conditioning and a private roof terrace. There is oak flooring in the principal rooms along with traditional fireplaces and a lift which serves every floor.

The owner has put the property on the rental market with Tunstall Property London for £8,950 per week, or £38,783 per month.

At this price, it would take less than five months to buy an average English home outright.

Mark Tunstall, managing director of Tunstall Property London, said: “This is undoubtedly one of London’s premier addresses that throughout its history has been home to some illustrious names from the world stage.

“Due to the nature of the address residents tend to purchase a home here and then remain.

“Chester Square was Margaret Thatcher’s primary residence from shortly after her resignation as Prime Minister until her final years, and to have a property available on the rental market is a rare opportunity for someone to enjoy an address that is extremely smart and elegant, yet suited to those that prefer to keep a low profile.

SWNS

The average house costs £11.1 million

This is undoubtedly one of London’s premier addresses that throughout its history has been home to some illustrious names from the world stage.

Mark Tunstall, managing director of Tunstall Property

“This a home of real grandeur, offering the privacy, security and space that are pre-requisites for modern tenants.

“13 Chester Square would be perfect for a large family that requires a prestigious central London home, whether in the UK on a temporary assignment or perhaps looking to get a feel for the local area before committing to a purchase.”

Despite the staggering price, it is likely the house will be quickly rented out because while the sales market has nose-dived, the expensive rental market is booming.

Rich homebuyers are being put off buying at the moment because of uncertainty caused by the election and fears of a mansion tax along with the recent hike in stamp duty on prime properties.

The Chester Square home is worth around 20 million. A year ago, a buyer would have paid 1.4 million in stamp duty.

They would now pay 2.3 million.

That stamp duty price alone would cover the rent on the home for around five years - and the tenant wouldn’t have to worry about mansion tax.

SWNS

Owner has put the property on the rental market

Related articles

Mr Tunstall added: “Whilst the lettings market is benefiting from slowing demand in the sales market, as buyers become more cautious over the pace of price growth ahead of May’s general election and continued uncertainty surrounding the possibility of a mansion tax.

“There is evidence that would-be vendors are now thinking about renting out their properties, consequently leading to an increase in stock levels.”